Detailed Summary

Creating American Rolling Stock Act of 2008 or the Train CARS Act - Authorizes the Secretary of Transportation to award grants to eligible applicants to purchase or rehabilitate domestically manufactured rolling stock for intercity passenger rail transportation. Prohibits Secretary approval of a grant project without a state rail plan.

Sets forth certain Buy American requirements.<br>

Directs Amtrak to establish a Next Generation Corridor Equipment Pool Committee.

Amends the Internal Revenue Code to create an Intercity Passenger Rail Rolling Stock Account.

Allows a tax credit to a holder of a qualified Amtrak bond issued for projects to purchase or rehabilitate domestically manufactured rolling stock for intercity passenger rail transportation (rail infrastructure investment).

Requires the Comptroller General to study the potential costs, benefits, and economic impact of providing intercity passenger rail along a national railway electrification system.

Directs the Secretary of Labor to report to Congress on existing federal programs that could assist in the training of automotive, aviation, and manufacturing workers to transition to the railcar manufacturing industry.

Status of the Legislation

Latest Major Action: 7/29/2008: Referred to Senate committee. Status: Read twice and referred to the Committee on Finance.

Points in Favor

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Points Against

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